Contract Of Hazard (Noun)
Meaning
A sale of a tract of land as a whole without a warranty as to the acreage.
Classification
Nouns denoting communicative processes and contents.
Examples
- The buyer of the large rural property knew they were taking on some risk with the contract of hazard due to uncertainty about the actual acreage of the land.
- As the seller didn't guarantee the size of the property, the contract of hazard was explicitly stated in the sales agreement to protect them from potential discrepancies.
- By signing the contract, the buyer acknowledged they were purchasing the land on a contract of hazard, understanding that the actual acreage might vary.
- The seller's lawyer included a clause specifying the sale was made under a contract of hazard to limit the client's liability for any potential errors in the property's size.
- In this contract of hazard, the buyer accepted the property in its entirety, knowing they would assume full responsibility for verifying the actual acreage and addressing any potential issues.